1. Field of the Invention
The present invention relates generally to a system and method by which banks implement an automated process to identify and analyze payment related information, and, more particularly, to such a system and method requiring an identification of incoming payments correspondent banks route through competitors; the capture of information, including the correspondent bank the payment originated from, the competitor the payment was sent through, the account party (correspondent bank's customer), the payment beneficiary (customer), and payment ID information (reference numbers, date and amount) associated with such payments; the generation of an advisory message to the correspondent bank that payment can be made directly from their account (book transfer) and the generation of a report to correspondent identifying indirectly routed payments for the month.
2. Description of the Prior Art
Electronic and online banking has long been known in the prior art, from the transfer of moneys between banks and other institutions to the ability of an individual to monitor and control his or her accounts via a secure Internet website.
It should be appreciated that in today's world of electronic commerce, a bank's payments business forms an extensive “network” that extends well beyond its customers. Incoming and outdoing payment flows touch a bank's customers, it's customers doing business with other customers, correspondent banks directly and on behalf of its customers and their customers, its customers' transactions to their customers with accounts at other banks, and even its customers' transactions from their customers with accounts at other banks. The present invention recognizes that each of these payment flows gives rise to other opportunities to capture additional payment volumes through the data mining of existing payments information.
There exists a significant opportunity for banks to increase the volume of high-value payments they receive, thereby generating additional revenues by creatively using information they already have available. The present invention is directed to a process whereby a user can leverage its correspondent bank network and corporate customer base to: (1) capture high-value payments that are now going to its competitors; (2) extend its business to its customers' customers; (3) size its correspondent banks' payments wallet; (4) allocate reciprocity based on correspondent banks wallet share; and (5) develop an “early warning system” to detect threshold shifts in payments business.
As shall be appreciated, the prior art fails to specifically address either the problem or the solution arrived upon by applicant.